KPI Green Energy: Business Overview & Financial Analysis
KPI Green Energy is an integrated solar, wind, and hybrid renewable energy development enterprise headquartered in Surat, Gujarat. Promoted by Farukbhai Gulambhai Patel, the company operates across Independent Power Producer (IPP) and Captive Power Producer (CPP / EPC) business models. Developing, constructing, owning, and operating utility-scale solar plants, wind farms, hybrid energy units, and battery energy storage systems (BESS), the enterprise supplies renewable power to commercial, industrial, and government utility clients across India and international markets.
Renewable Energy Portfolio Scale of KPI Green Energy (Q1 FY2027)
KPI Green Energy manages an expanding renewable energy portfolio spanning installed operational power plants and work-in-progress execution capacity across Gujarat.
- Total Renewable Portfolio Scale – 6.94 Gigawatts (GW) (+71.0% YoY)
- Operational Commissioned Capacity Base – 1.87 GW
- Work-in-Progress (WIP) Execution Pipeline – 5.07 GW
- Captive Power Producer (CPP) Portfolio Share – 4.37 GW (0.90 GW Installed / 3.47 GW WIP)
- Independent Power Producer (IPP) Portfolio Share – 2.57 GW (0.97 GW Installed / 1.60 GW WIP)
Total renewable capacity expanded to 6.94 GW as of June 30, 2026, driven by fresh order bookings in the captive segment. Ramping up execution across 5.07 GW of work-in-progress assets underpins medium-term revenue visibility.
Business Segment Revenue Breakdown of KPI Green Energy (Q1 FY2027)
The company categorises its consolidated operational revenue across captive engineering execution contracts and independent power producer tariff sales.
- Captive Power Producer (CPP / EPC) Share – 83.0% of Operating Revenue (Rs 576.02 crore)
- Independent Power Producer (IPP) Share – 17.0% of Operating Revenue (Rs 117.98 crore)
- Total Consolidated Income from Operations (Q1 FY2027) – Rs 709.82 crore (+15.6% YoY)
Captive EPC execution generates over eight-tenths of total turnover by setting up power infrastructure for corporate clients. The IPP division provides recurring tariff revenues, increasing its revenue share as newly energized assets enter commercial operation.
Power Generation & Infrastructure Assets of KPI Green Energy (Q1 FY2027)
KPI Green Energy tracks power generation volume, land bank aggregation, and grid evacuation substation infrastructure across its solar and wind projects.
- First-Quarter IPP Power Generation – 27.9 crore units (kWh) (+300.0% YoY / 4x Growth)
- Strategic Land Bank Aggregation Base – 8,657 acres across Gujarat
- Power Grid Evacuation Infrastructure Scale – 5,102 Megawatts (MW)
- Annualised IPP Run-Rate Generation Target – >390.0 crore units (kWh) per annum at full capacity
Power generation from IPP assets quadrupled year-on-year to 27.9 crore units in Q1 FY2027, exceeding 65% of entire FY2026 generation. Aggregating 8,657 acres of strategic land bank and 5,102 MW of evacuation capacity secures key execution prerequisites.
Latest Quarterly Financial Performance of KPI Green Energy (Q1 FY2027)
The enterprise recorded double-digit top-line turnover growth and operating profit expansion during the first quarter of FY2027.
- Consolidated Total Income – Rs 709.82 crore (+15.6% YoY vs Rs 614.12 crore in Q1 FY2026)
- Consolidated Operating EBITDA – Rs 261.56 crore (+20.7% YoY vs Rs 217.00 crore in Q1 FY2026)
- Operating EBITDA Margin Realisation – 36.85% (+185 bps YoY vs 35.00% in Q1 FY2026)
- Consolidated Net Profit After Tax (PAT) – Rs 94.63 crore (-15.0% YoY vs Rs 111.32 crore in Q1 FY2026)
- Cash Profit Realised – Rs 176.00 crore (+8.0% YoY vs Rs 163.00 crore in Q1 FY2026)
First-quarter total income rose 15.6% year-on-year to Rs 709.82 crore, while operating EBITDA expanded 20.7% to Rs 261.56 crore. Net profit moderated to Rs 94.63 crore due to higher finance costs (Rs 80 crore) and depreciation expenses (Rs 51 crore) from newly commissioned IPP assets.
Consolidated Annual Financial Performance of KPI Green Energy (FY2026)
KPI Green Energy achieved record full-year operational turnover and operating profit growth for full financial year FY2026.
- Full Year Consolidated Revenue from Operations – Rs 2,742.00 crore (+56.2% YoY vs Rs 1,755.00 crore in FY2025)
- Full Year Consolidated Operating EBITDA – Rs 932.00 crore (+58.0% YoY)
- Full Year Operating EBITDA Margin – 33.99%
- Consolidated Net Profit After Tax (PAT) – Rs 509.00 crore (+56.6% YoY vs Rs 325.00 crore in FY2025)
- Full Year Equity Dividend Declared – Rs 0.40 per share
Full-year operating turnover expanded 56.2% to Rs 2,742.00 crore in FY2026, as consolidated Net Profit After Tax reached Rs 509.00 crore. Financial execution was supported by fast-paced captive project commissioning and expanding IPP power tariffs.
Balance Sheet Structure & Debt Metrics of KPI Green Energy (Q1 FY2027)
The company manages a capital structure supported by equity retention, liquid cash reserves, and project finance facilities.
- Total Consolidated Shareholder Equity Base – Rs 2,870.00 crore
- Total Cash, Bank Balances & Surplus Investments – Rs 830.00 crore
- Credit Rating Status – 'CARE A / Stable' for long-term bank facilities
- Financial Gearing Ratio Corridor – Controlled debt leverage ratio for IPP assets
Consolidated shareholder equity reached Rs 2,870.00 crore, backed by Rs 830.00 crore in liquid treasury reserves. Maintaining an 'A / Stable' credit rating provides access to competitive bank project credit lines.
New Growth Platforms & Battery Storage Pipeline of KPI Green Energy (FY2027)
KPI Green Energy expands its technical footprint into battery energy storage systems, hybrid power plants, and overseas project development.
- Battery Energy Storage System (BESS) Capacity – 565 MW / 1,130 MWh BESPA executed
- Global International Expansion MOU – 5.0 GW MOU signed with Government of Botswana (500 MW Phase-1)
- Bharuch Hybrid Project Energized Scale – 269.7 MW AC / 389.7 MW DC operational
- Long-Term Group Portfolio Target – 10.0+ GW total capacity target by 2030
Executing a 565 MW / 1,130 MWh battery energy storage purchase agreement builds grid stabilization capabilities. Signing a 5.0 GW MOU with Botswana opens international utility-scale development opportunities in Africa.
Management Commentary & Strategic Outlook of KPI Green Energy (Q1 FY2027 Concall)
Management guidance outlines strategic priorities centered on portfolio scaling, battery storage commissioning, and debt-free cash generation.
- Management targets maintaining a 50%–60% annual top-line revenue CAGR over FY2027 and FY2028.
- Operating EBITDA margins are guided to sustain around the 33.0%–36.0% corridor across execution cycles.
- Commissioned IPP operational capacity is projected to reach 1.0 GW by September 2026, generating steady tariff cash flows.
- Total group renewable energy portfolio is targeted to cross 10.0 GW ahead of the 2030 corporate roadmap.
- Capital allocation strategy will prioritize long-term PPAs, battery storage systems, and land bank acquisitions.
Management anticipates strong demand for hybrid renewable energy and round-the-clock power to support fresh order bookings. Operational focus centers on commissioning the 5.07 GW work-in-progress pipeline, achieving financial closure for storage assets, and expanding cash flows.
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Sources & References
- KPI Green Energy Q1 FY2027 Earnings Call Transcript Disclosures (August 18, 2026)
- KPI Green Energy Q1 FY2027 Investor Presentation & Media Release (August 11, 2026)
- KPI Green Energy Financials & Investor Disclosures
- BSE & National Stock Exchange of India (NSE) Corporate Filings for KPI Green Energy
- Ticker Finology KPI Green Energy Page
Disclaimer
The information presented above on KPI Green Energy has been compiled from the company's Annual Reports, Investor Presentations, Earnings Call (Concall) Transcripts, official regulatory filings and the financial data available on Finology Ticker. Certain figures, classifications or comparisons may vary due to differences in accounting policies, reporting methodologies or subsequent restatements by the company. This content is intended solely for informational purposes and should not be considered as investment advice. Investors are advised to refer to the latest company filings and the updated financial data, ratios and disclosures available on this Finology Ticker KPI Green Energy page before making any investment decision. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.